Liberian palm developer appoints Afreximbank to help secure $140m financing

The Liberian Palm Development Ltd., has appointed the African Export-Import Bank (Afreximbank) as advisor to help it secure a $140 million financing.

The company, a joint venture between Equatorial Palm Oil of the UK and BioPalm Energy Ltd., a subsidiary of Singapore-based Siva Group Incorporated, is seeking the funds for its Palm Bay project near Buchanan, a press release issued by Afreximbank and copied to ghanabusinessnews.com has said.

According to the release, the mandate was signed in London February 13, 2013.

The Palm Bay project will involve large scale land preparation and planting of oil palms and will signify the progress and development by Liberian Palm Developments Ltd. in the implementation of its strategy to become a leading West African palm oil producer, it said.

Afreximbank’s role as advisor will be to identify and approach suitable financiers to support the facility which will fund the project.

By Emmanuel K. Dogbevi